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CFPB Proposes Rule To Expand Regulation E to Crypto and Gaming Accounts

With 10 days left in the Biden administration, the Consumer Financial Protection Bureau (CFPB) proposed a new interpretive rule on the applicability of the Electronic Fund Transfer Act (EFTA) and Regulation E to “new and...more

CFPB Issues New Report Examining Financial and Privacy Risks to Consumers in Video Gaming Marketplaces: What Now?

On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new report, titled “Banking in Video Games and Virtual Worlds” (Report), that examines the growth of financial transactions in online video games and...more

California DFPI Orders Consumer Financing Platform To Cease Hidden Junk Fees

On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more

N.Y. Governor Proposes Measures To Ensure Fairness in “Buy Now Pay Later” Services

On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry. Gov. Hochul announced that she will propose legislation to require BNPL providers...more

CFPB Proposes Federal Oversight of Digital Wallet and Payment App Providers

The Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the...more

Fintech Legal Report - January 2023

CFPB Seeks Public Input on Consumer Credit Card Market - On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is...more

Fintech Legal Report - December 2022

New Treasury Report Shows Fintech Industry Requires Additional Oversight To Close Gaps, Prevent Abuses, and Protect Consumers - On November 16, 2022, the U.S. Department of the Treasury (USDT), in consultation with the...more

Fintech Legal Report - November 2022

FTC Action Against Internet Phone Service Provider Results in $100 Million to Customers Trapped by Illegal Dark Patterns and Junk Fees When Trying To Cancel Service - On November 3, 2022, the Federal Trade Commission (FTC)...more

Fintech Legal Report - October 2022

FTC explains that merchants using BNPL services are also subject to consumer protection obligations. CFPB ends its no-action letter and compliance sandbox policies. CFPB sues an online lender for Military Lending Act...more

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